TIRANA, Dec. 7 – The American Bank of Investments has been officially launched in Albania targeting to becoming an important player in the Albanian banking market with competitive and innovative services.
The American Bank of Investments, ABI, enters the Albanian market as a rebranded bank after U.S. based NCH Capital Inc, private equity and venture firm took over Credit Agricole’s Albania unit earlier this year.
In Albania, NCH Capital Inc has been operating with its Tranzit non-banking financial institution offering various debt and equity financing opportunities to companies and individuals since 2010.
“NHC Capital has been operating in Albania for almost ten years and has expanded its investments from real estate to the development of financial institutions such as Tranzit Finance and the new American Bank of Investments. We are patient investors with long-term goals and are confident the ABI Bank will be a success story for its customers, dedicated staff and shareholders,” said Gregory Katz, a senior general counsel at U.S.-based NHC Capital at a ceremony held in Tirana.
Prime Minister Edi Rama said the new American investment is expected to provide a direct contribution to the country’s economic growth by increasing credit to Albanian businesses.
“American investments in Albania have increased and consolidated and currently there are 157 American enterprises or Albanian-American joint ventures mainly concentrated in Tirana, Durres and Vlora, which is a very small number to embody the great Albanian-American affection even in economy and entrepreneurship,” said the Prime Minister.
“We are determined to materialize this affection with a bigger presence of investments with American capital even for the reasons dealing with the culture of entrepreneurship and the special spirit of adventure by American entrepreneurs and the culture of discipline they set even for Albanians,” added the Prime Minister.
U.S. Ambassador to Albania, Donald Lu, said the American Bank of Investments will bring strong technical stills in banking services and the business ethics of a respected American company.
“We couldn’t be prouder than this that an American company is still operating in the Albanian banking system,” Lu said.
The American Bank of Investments is the second American-run bank in Albania after the American Bank of Albania, the first private bank in Albania established by the Albanian-American Enterprise Fund in 1998, which in 2007 was acquired by Italy’s Intesa Sanpaolo.
Former Credit Agricole, which holds only around 2.6 percent of total assets and is the tenth biggest bank in Albania, completed the full purchase of Greek-owned Emporiki Bank Albania in June 2012.
